Altium Wealth Management LLC purchased a new position in KeyCorp (NYSE:KEY) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,270 shares of the financial services provider’s stock, valued at approximately $201,000.
Other hedge funds also recently added to or reduced their stakes in the company. Xact Kapitalforvaltning AB raised its stake in KeyCorp by 4.8% in the fourth quarter. Xact Kapitalforvaltning AB now owns 240,699 shares of the financial services provider’s stock worth $4,855,000 after buying an additional 10,948 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its stake in KeyCorp by 2.8% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 7,697,272 shares of the financial services provider’s stock worth $155,254,000 after buying an additional 210,993 shares in the last quarter. Wells Fargo & Company MN raised its stake in KeyCorp by 5.3% in the fourth quarter. Wells Fargo & Company MN now owns 4,593,311 shares of the financial services provider’s stock worth $92,648,000 after buying an additional 230,221 shares in the last quarter. Stifel Financial Corp raised its stake in KeyCorp by 3.5% in the first quarter. Stifel Financial Corp now owns 1,386,981 shares of the financial services provider’s stock worth $27,142,000 after buying an additional 47,073 shares in the last quarter. Finally, We Are One Seven LLC bought a new position in KeyCorp in the fourth quarter worth about $183,000. 79.88% of the stock is owned by institutional investors.
In related news, insider Edward J. Burke sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 8th. The shares were sold at an average price of $19.83, for a total transaction of $198,300.00. Following the completion of the sale, the insider now owns 126,526 shares of the company’s stock, valued at $2,509,010.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.65% of the stock is owned by company insiders.
KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, April 19th. The financial services provider reported $0.38 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.38. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.56 billion. KeyCorp had a net margin of 19.32% and a return on equity of 11.03%. The firm’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.32 earnings per share. sell-side analysts anticipate that KeyCorp will post 1.7 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 15th. Investors of record on Tuesday, May 29th were given a dividend of $0.12 per share. The ex-dividend date was Friday, May 25th. This represents a $0.48 annualized dividend and a dividend yield of 2.32%. This is an increase from KeyCorp’s previous quarterly dividend of $0.11. KeyCorp’s dividend payout ratio (DPR) is 35.29%.
A number of equities analysts have weighed in on the stock. Zacks Investment Research raised shares of KeyCorp from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Wednesday. Morgan Stanley raised their target price on shares of KeyCorp from $24.50 to $25.00 and gave the company an “overweight” rating in a research note on Tuesday, April 24th. BMO Capital Markets decreased their target price on shares of KeyCorp from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, April 20th. Susquehanna Bancshares raised shares of KeyCorp from a “neutral” rating to a “positive” rating and raised their target price for the company from $24.00 to $25.00 in a research note on Tuesday, April 24th. Finally, UBS Group raised shares of KeyCorp from a “neutral” rating to a “positive” rating in a research note on Tuesday, April 24th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $22.45.
KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.
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